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I'm thinking about this too, buying a cheap fixer-upper. I could get a house for under 50k for cash, or get a mortgage to get something for under 100k, ,with nice low monthly payments.
Family warn me that houses in those price ranges would need a lot of work, and I wouldn't be saving that much money in the long run. The difference, though, is that I would be able to move in and start remodeling right away, and wouldn't have the stress of a big mortgage hanging over me (or interest on it either). Money that would normally go into mortgage payments (or rent) could be saved for home and garden improvements instead.
I understand that buying a fixer-upper might not save much in the long run, but it wouldn't be more expensive than buying a nice house, would it ? If so, ,how much more expensive ?
I like the idea of renovating an old house into my dream house. I've fantasized about it for years. I'd even like to do some of the work myself.
Is there any good reason why a first time homebuyer who can't afford a decent house shouldn't consider getting a cheap fixer-upper? Is it really that bad of an idea? I'm sick of renting!
I understand that buying a fixer-upper might not save much in the long run, but it wouldn't be more expensive than buying a nice house, would it ?
It can be. In some cases, the condition of the house can be so bad it's actually more cost-effective to tear the building down and rebuild something new on the lot.
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If so, ,how much more expensive ?
That depends on exactly what's wrong with the house.
The ideal fixer is a place that just has cosmetic issues. If you're a first-time home owner, steer away from houses that have structural issues, and see if you can find one that is just very dated cosmetically.
........Is there any good reason why a first time homebuyer who can't afford a decent house shouldn't consider getting a cheap fixer-upper?..........
When I first got married, that's what all my friends were hoping to buy: a house that need cosmetic fix-up so that the price was cheap. All of us did our own painting and minor repairs to save money.
Don't buy anything that has structural issues. You can get a pretty nice discount by buying a place that needs paint, carpet, and general updating. If you can fix up the landscaping so that it looks nice, you can save by buying a place that is "landscaped" with dead weeds and badly placed trees.
If you pay a contractor to do everything for you, you won't save any money. But if you can do simple handyman stuff, you could end up with a nice house for a low cost and then make a nice profit when you sell.
A warning,though. Watch the neighborhood carefully. It is never a good purchase to buy a house in a bad neighborhood or in a neighborhood that is going down hill.
Well someone did get to the house before me so on to looking into a next house for me. I enjoyed the idea of working on a house to make it what you wanted and having a mortgage under $600
Well someone did get to the house before me so on to looking into a next house for me. I enjoyed the idea of working on a house to make it what you wanted and having a mortgage under $600
I say go for it.
Cosmetic fixer is no big deal. As long as the building is sound enough and you get a solid inspector to check it out you should be fine.
A good inspector should be able to tell you if you need new wiring, plumbing , insulation, roofing, siding, and how the foundation is doing... after that there are very few problems that are truly costly. You could fix it over a few years and have a really nice place to live.
I have fixed up a couple of homes, and while it pays to have pros do some of the work, most can be done by the average handyman.
I think it will be important to work to a master plan rather than end up with a patchwork quilt of remodeling projects. Be consistent, avoid a mishmash of styles. I see lots of partial remodels where the owner ends up with half a dozen flooring materials and range of styles that simply don't work together.
pick a house, make a plan.
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